Next question? XD
Actually, on further poking about, it turns out I merged two games in my head. The SwordQuest series had the elemental tropes and contest for real prizes. The one I vaguely remembered the screenshots from *was* on Intellivision, and it *was* AD&D IP. Advanced Dungeons & Dragons: Cloudy Mountain.
My other brain is hung like a horse too.
#IRC isn't old school.
Old school is being able to say 'finger me' with a straight face.